USOIL Is Very Bullish! Long!

Take a look at our analysis for USOIL.

Time Frame: 1D
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish

The price is testing a key support 75.13.

Current market trend & oversold RSI makes me think that buyers will push the price. I will anticipate a bullish movement at least to 83.17 level.

P.S
We determine oversold/overbought condition with RSI indicator.
When it drops below 30 - the market is considered to be oversold.
When it bounces above 70 - the market is considered to be overbought.

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הערה:

Great beginning for a trade, let’s hope it goes further!